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Thursday, April 06, 2017

The Class Divide

By 2016 ‘the richest 10% in the OECD region earn 10 times the income of the poorest 10%’. Also during ‘the last 30 years wage inequality has increased substantially in the US. It has reached to pre-Great Depression level.’ In India, the ‘top 1% own 58% of wealth, while globally 1% own 51% of the total wealth.’ In Pakistan, according to a UNDP report, ‘inequality has increased as the richest 20% consumes seven times more than the poorest 20%.’The state now provides welfare to the rich — tax cuts and bailout packages but instead of protesting against the economic policies for causing unemployment, the super rich employers and corrupt financial institutions, the racist leaders tell the poor to blame some minority. Trump, Geert Wilders, and Marine Le Pen, etc, exploited the situation by spreading fear of Muslims and immigrants. The angry and alienated peoples of the US, Holland, and France find false solace in their populist rhetoric. Studies show that ‘unemployed and economically inactive youth are more likely to be hate offenders.’In England and Wales, the police recorded 52,102 hate crimes during 2009’ and soon after the Brexit referendum and Trump’s victory incidents of hate crime surged. France, Germany, and Holland are also witnessing this ugly trend. Capitalist economic theory see the roots of hate crime in displaced stress for scarce resources. Racist politicians know very well how to exploit these feelings. The ruling class learn from one another.We should know that populism has always been a disaster. We must also know populism has never been popular.Yet they are presented as popular. The world is divided in two classes. The global wealth is in the custody of 10% rich elite. The other 90% suffer from all forms of miseries. This gulf must be bridged by giving common ownership of assets to the 90%.’